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The nature of the insurance introduces a number of challenges not seen in other industries. In particular, insurance contracts run over many years. Unlike traditional retail business, where sales are simple self-contained transactions, with insurance business the sale of an insurance policy is often a starting point for analysis. Traditional data warehousing techniques, developed for retail analysis, do not convert well to insurance analysis. Insight Enterprise is a unique temporal system capable of providing consistent analysis over time and at any point in time, at the same time experience analysis is restated based on current information. |
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Investment products, such as Annuities, Segregated Funds and Universal Life, present additional challenges to insurance analysis. Aside from data differences, these products also require fund analysis such as fund movement reconciliation. |
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Unlike other forms of insurance Disability and Long Term Care Insurance claim involve a sequence of payments, this in itself can present challenges for many companies. In addition to handling complex data, Insight Enterprise includes functions specific to DI and LTC, such as claim analysis and actuarial experience studies, and supports a wide range of reports including the new LTC regulatory reporting forms. |
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Insight Enterprise features a full range of applications specific to medical lines of business such as Medicare Supplement and Major Medical. |
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Group business relies on many of the analytics that are applicable to individual insurance, although the data challenges can be greater due to self-administration and the additional reporting by group, or group features such as industry. |
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Insight Enterprise meets reinsurance needs of direct writers and the needs of reinsurers. |
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